The Debt & Equity Finance Group arranged $31.4 million in construction financing for the construction of a four-story, 215-unit multifamily complex over one level of subterranean parking in downtown Indianapolis, Indiana.
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FOR IMMEDIATE RELEASE
Mission Capital Advisors Arranges $31.4 Million in Financing for Development of a Class A Multifamily Project in Indianapolis
MCA Continues Active Pace in Secondary Markets Arranging $7.1 Million in Joint Venture Equity and a $24.3 Million Construction Loan for North Lockerbie Flats
Indianapolis, IN (October 2, 2014) — Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Debt & Equity Finance Group arranged $31.4 million in construction financing for the construction of a four-story, 215-unit multifamily complex over one level of subterranean parking in downtown Indianapolis, Indiana. The financing comprised $7.1 million of institutional joint venture equity and a $24.3 million construction loan for the 225,000-square-foot project that is being developed by a local sponsor.
Brad Lyons, Ari Hirt and Steven Buchwald represented the sponsor in arranging the financing with PNC Bank N.A.
“Mission leveraged its local market knowledge and national relationships to identify an institutional partner to contribute $7.1 million of joint venture equity to the project,” said Lyons. “After arranging the joint venture equity financing, Mission leveraged its deep relationships with construction lenders to
secure the most efficient capital source for the $24.3 million debt financing, and achieve a smooth closing and timely execution.”
Located at 600 East Michigan Street, the project is situated on a prime site in downtown Indianapolis within the Mass Avenue Arts District, with numerous amenities including restaurants, bars, retail, theater and art galleries. The site is located within walking distance of many Indiana’s largest employers and is proximate to major sporting venues.
“There is ample capital available in the current market for quality projects, and Mission has a track record of success in arranging financing for projects in a wide range of markets throughout the country,” said Hirt. “The interest we received in arranging this transaction is indicative of the continuing strength of the capital markets, and the opportunities available in strong Midwest markets such as Indianapolis.”
The project will comprise two, four-story multifamily structures around a landscaped courtyard with a resort style pool, constructed over one level of subterranean parking.
About Mission Capital Advisors
Founded in 2002, Mission Capital Advisors, LLC is a leading national, diversified real estate capital markets solutions firm with offices in New York City, Florida, Texas, California and Mobile, Al. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across commercial and residential loan sales; debt, mezzanine and JV equity placement; and loan portfolio valuation. Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $45 billion of loan sale and financing transactions, as well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions, positioning the firm strongly
to provide unmatched loan portfolio valuation services for both commercial and residential assets. Mission Capital’s seasoned team of industry-leading professionals is committed to achieving clients’ business objectives while maintaining the highest levels of integrity and trust. For more information, visit www.missioncap.com.